FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies

FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies
16.10.2017 10:27 am

FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies

Insurance

Fintech start-up fidentiaX is in the developmental phase of creating the world's first marketplace for tradable insurance policies by disrupting the status quo by empowering policyholders to monetise policies on the blockchain. fidentiaX will also be setting up fidentiaX Open Source Foundation (fSOF) to proliferate the embracing of blockchain technology for the insurance industry.

In 2016 alone, the total market size for insurance premiums in the 40 OECD reporting countries was estimated to be in the north of $3.86 trillion dollars and Asia is projected to the be fastest-growing market for life insurance with an estimated real annual compounded growth rate of 10.2%.

The tradable insurance market is faced with inefficiencies such as:

Lack of awareness – Policyholders are unaware that policies are tradable assets which could be sold in the open market for a higher value. In 2015, out of the US$112 billion worth of policies surrendered in the U.S., US$57 billion (estimated 250,000 policies) could be resold.

No Recognizable Marketplace – The lack of a recognizable marketplace makes it challenging for sellers and buyers to connect.

Dependency on 3rd party – In the rare occasion where seller and buyer actually connects, parties need to place trust on a 3rd party to effect the transaction.

fidentiaX's marketplace will be a membership-based ecosystem focusing on the key stakeholders and providing the following services:

Policy ledger – Break traditional reliance on intermediaries by creating a digital ledger for policyholders.

Trustless Marketplace – Provides a platform for buyers and sellers to connect and trade policies via the blockchain.

fidentiaX will focus on building its operations within Asia before executing its global expansion strategy. Key countries within Asia are Hong Kong, Japan, Korea, Malaysia and Singapore.

To learn more, please visit fidentiaX's official website at https://www.fidentiax.com and stay updated on their Crowd Token Contribution launch announcement by subscribing to their mailing list. Stay connected through their social channels:

Related News

UK INSURERS FALL BEHIND EUROPEAN COUNTERPARTS IN REALISING THE FULL POTENTIAL OF TELEMATICS

More than nine in ten (95%) insurance chiefs can see clear benefits of using telematics and the data science that powers it – although UK insurers are falling behind their... Read more »

So-sure to introduce mobile phone insurance through the Starling Marketplace

Starling Bank today welcomes so-sure, the pioneering start-up mobile insurance company, to its in-app Marketplace. The partnership will mean that Starling customers will now be... Read more »

Anaplan launches a complete IFRS 17 General Insurance solution developed by Deloitte

Anaplan, a pioneer in Connected Planning, announced the release of an ... Read more »

Preparing insurance for the age of connected technology: how Allstate, Unum and FM Global are taking advantage

Both in terms of the way insurance products are accessed and in the way they are created, technology is at the heart of significant disruption.

More products are... Read more »

Nextbase Reveals Insurance Sector Research

Research by Nextbase, the UK’s leading and multi award-winning dash cam manufacturer, reveals almost one third (29... Read more »

Zurich launches international startup competition

Zurich Insurance Group (Zurich) has launched the Zurich Innovation World Championship, its new global competition to collaborate with the brightest and best start-ups and... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App